Singapore, (CU)_ According to the Ministry of Trade and Industry (MTI), Singapore’s GDP is predicted to expand between 3.0 and 5.0 percent in 2022, even while the globe still continues to battle with the pandemic and its newest Omicron strain. Our employment numbers are proof for the reviving economy.
During the third quarter of 2021 (3Q2021), total employment had fallen by 196,400, resulting in a 2.7 percent final unemployment rate. Indeed, as of Q32021, the ratio between job openings and jobless individuals was 2.09: 1, i.e. there were 209 potential positions for every 100 unemployed. This is a positive development for job searchers. Furthermore, ManpowerGroup’s employment forecast for 1Q2022 indicates that 39% of Singapore’s 505 businesses want to hire in 2022. The following are the four sectors that are projected to thrive in 2022.
Financial Services and Insurance
Banking, finance, and insurance industries together accounted for 15.7 percent of GDP in 2020, making it the third highest contributor to GDP. In the third quarter of 2021, the finance & insurance industry expanded by 9.0 percent annually, surpassing the previous quarter’s 9.8 percent expansion.
Information, Communications and Technology (ICT)
The need for IT and digital solutions is likely to propel the Infocomm Tech industry. With the pandemic increasing the digitization across various industries, including hawkers and older citizens adopting cashless payments, the shift to digital solutions is unavoidable, and the ICT industry is poised to flourish.
In the third quarter of 2021, total services trade increased by 7.5 percent annually. Throughout the quarter, both exports and imports of services increased. Other commercial services, such as financial services and maintenance and repair services, contributed significantly to the increase in service exports. Imports of other commercial services, such as manufacturing and telecommunications, computer, and information services, improved due to the majority of the growth in service imports.
Manufacturing And Distribution
Despite its small size and location on the globe map, Singapore boasts a thriving manufacturing industry including electronics, chemicals, biomedical and precision engineering. The manufacturing sector will remain one of the highest GDP contributors in 2022. In 2020, the sector contributed 21.5 percent of Singapore’s GDP, which is up from 20.9 percent in 2019.